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Blackstone raises $16bn for latest fund

7 Jul 2011

US private equity firm Blackstone has raised $16bn so far for its latest buy-out fund, making it one of the largest ever raised.

According to Reuters, the fund could reach around $16.5bn before closing, beating Blackstone COO Tony James’ forecast last year of a $15bn final close.

The growth of the fund’s target size is said to be down to interest from sovereign wealth funds.

Despite performing above expectations, the fund would still be dwarfed by the firm’s previous flagship buy-out vehicle, which closed on $21.7bn in 2007.

The news is the latest indication of growing investor appetite for private equity, at least for established names, and follows US firm Lexington Partners successfully closing its latest fund on $7bn this week, the largest amount ever raised for a secondaries fund.

The news follows Blackstone’s reported acquisition of a £1.4bn portfolio of property loans from royal Bank of Scotland earlier this month.